Market Street Warehouse
159,000 square foot office and dry warehouse condominium
Meriwether acquired the Market Street Warehouse in September 2005 from Associated Food Stores. The property consists of 11,000 square feet of office, 60,000 square feet of refrigerated warehouse, 30,000 square feet of freezer warehouse and 148,000 square feet of dry warehouse. The building was 21% leased at the time it was put under contract to purchase. After leasing up the vacant space, Meriwether converted the project into a condominium and sold the dry warehouse and office portion for $6.9 million in December 2007. This transaction allowed for a complete return of capital plus a 10% preferred return.